Spending and Debt

Less Government Spending, Borrowing, Taxing, and Regulating Will Create Jobs

ACTION ITEMS:

  • Stop Washington’s spending addiction
  • End liberal war on jobs
  • Use my debt cutting experience in Maine to reduce federal debt

Washington and Augusta politicians always promise they’ll watch the bottom line, but few really do. As Maine State Treasurer, I’ve proven that I practice what I preach.

I understand the economic, fiscal, and job crises that our country faces. I can help fix them.

I’m not running for Congress because I need a job. I’m running to give back to my home state and to help our struggling families and the small businesses that employ them.

Unlike with local and state governments, there is no law requiring spendthrift career politicians in Washington to balance the federal budget.

During each of the past five years, Congress overspent on average $1.1 trillion more than collected from us in federal taxes and fees, as depicted below. It then borrowed or printed the money needed to make up the difference. 

poliquin3

Now, struggling American families and businesses owe a $17 trillion mountain of smothering debt to bondholders around the world. Congress has no credible plan to pay off the debt.

The annual interest payments on the $17 trillion national debt nearly double the amount we spend on Veterans benefits. When interest rates rise, those interest payments will spike and crowd out our ability to adequately fund food safety, disease prevention, border control, education, environmental protection, national defense, and other vital public services.

Big government overspending, high debt, and rising interest rates hurt our hard-working families in Maine’s 2nd Congressional District and across America. They drive up taxes and kill jobs. Big government programs entrap our families in dependency and poverty.

The reckless overspending and surging debt create a fiscal black cloud hanging above our economy. Business owners don’t have the confidence to expand their companies and hire more workers. Consumers with part-time or no jobs don’t have the money to buy more than the bare family essentials, further slowing economic and job growth.

America’s fiscal crisis was created by career politicians looking, first, to get elected or re-elected. Instead of making the difficult and often unpopular decisions, they create more government programs in hopes of garnering support from voters.

Augusta’s war on jobs shouldn’t be promoted in Washington. Our next Congressman should not advance Maine’s history of overspending, high debt, high taxes, and suffocating regulations that have led to our 50th state business climate.

As your next Congressman, I will not sit on the sidelines. I’ll use my 35 years of business and financial experience and debt-cutting record as Maine State Treasurer to speak out and help solve America’s fiscal crisis that’s holding back our economy and killing jobs.

During the past 20 years, liberal career politicians in Augusta have also overspent and over-borrowed. They created laws that discouraged insurance companies from offering affordable health plans. Instead, the state legislature expanded medical welfare so that 27% of our entire population is now enrolled in the expensive and poor performing Medicaid (MaineCare) program, the 3rd highest rate in the country.

To pay for welfare overspending, Maine families and small businesses are burdened by some of the highest taxes in the country.

For many years, Augusta politicians “borrowed” from Maine hospitals by not paying them for services provided to the huge number of welfare recipients. In 2013, the job-killing $484 million hospital debt (below) was finally repaid.

poliquin4

We don’t need more Maine politicians in Washington who are more interested in getting re-elected than solving our fiscal problems.

We need a new course.

I’m running for Congress to do what is RIGHT in Washington to build a better business climate, more jobs, and less welfare dependency for Maine’s struggling 2nd District families.

I’m ready to use my 35 years owning and managing companies and creating jobs, and my successful reforms as Maine State Treasurer, to help lead this initiative in Washington.